Are the statements true or false. please correct my ansers and justify Suppose that at the equilibrium price of $50, the equilibrium quantity is 400 units and consumer surplus is $8,000. If the equilibrium price falls to $40 and the equilibrium quantity increased to 450 units then consumer surplus increases by $4,500. FALSE If the existing market price is more than equilibrium, then total surplus would increase if the price decreased and moved to its market equilibrium. TRUE A result of welfare economics is that the price of a product is considered to be the best price because it maximizes total surplus. FALSE Suppose that the equilibrium wage in the labor market is $8.00 per hour of labor. If a law increased the minimum wage from $7.25 to $10.00 per hour of labor, any possible increase in producer surplus would be smaller than the loss of consumer surplus. TRUE

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